Income Tax : The Income Tax Department has explained the tax treatment of gratuity, pension, leave encashment, provident funds, NPS, and retire...
Corporate Law : This article explains the revised ₹25 lakh exemption limit under Section 10(10AA). The key takeaway is that while the benefit is...
Income Tax : Taxpayers who applied the old ₹3 lakh limit can still correct the mistake by revising their return. Revision before the deadline...
Income Tax : Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing re...
Income Tax : Analyses how multiple ITAT rulings extend the enhanced ₹25-lakh exemption to earlier years, treating CBDT’s notification as a ...
Income Tax : The ITAT Ranchi held that a retired non-government employee was entitled to exemption under Section 10(10AA)(ii) for the entire le...
Income Tax : The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held...
Income Tax : ITAT ruled that employees opting for the BSNL VRS Scheme, 2019 are entitled to full exemption under Section 10(10B) on retrenchmen...
Income Tax : The ITAT set aside the lower authorities’ orders after considering CBDT Notification No. 31/2023, which increased the leave enca...
Income Tax : The ITAT allowed relief after considering CBDT Notification No. 31/2023, which increased the leave encashment exemption limit to ...
The ITAT Ranchi held that a retired non-government employee was entitled to exemption under Section 10(10AA)(ii) for the entire leave encashment amount in view of CBDT Notification No. 31/2023. The Tribunal also condoned the delay in filing the appeal and allowed the claim.
The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held that the contribution, made under Ministry of Shipping guidelines, was allowable for AY 2012-13. The decision emphasised that the statutory bar introduced from AY 2015-16 could not be applied retrospectively.
The Income Tax Department has explained the tax treatment of gratuity, pension, leave encashment, provident funds, NPS, and retirement compensation under the amended law. The guide clarifies exemption limits, deduction eligibility, and taxable components of retirement benefits.
ITAT ruled that employees opting for the BSNL VRS Scheme, 2019 are entitled to full exemption under Section 10(10B) on retrenchment compensation. The decision rejects the view that exemption should be capped at ₹5 lakh under Section 10(10C).
The ITAT set aside the lower authorities’ orders after considering CBDT Notification No. 31/2023, which increased the leave encashment exemption limit to ₹25 lakh.
The ITAT allowed relief after considering CBDT Notification No. 31/2023, which increased the leave encashment exemption limit to ₹25 lakh. The assessment and appellate orders were set aside.
The ITAT held that leave encashment of ₹7.65 lakh was fully exempt as it fell within the revised ₹25 lakh ceiling under Notification No. 31/2023. The disallowance made by the lower authorities was deleted.
The ITAT restored the matter to the CIT(A) for fresh adjudication of the leave encashment exemption claim. The assessee was directed to substantiate the claim with supporting material.
The ITAT held that leave encashment of ₹6.97 lakh was fully exempt as it fell within the revised ₹25 lakh ceiling under Notification No. 31/2023. The appeal was allowed accordingly.
The ITAT allowed exemption of the entire leave encashment amount after noting that the revised ₹25 lakh ceiling exceeded the amount received on retirement. The appeal was allowed by applying the enhanced exemption limit.
